Oil is cheaper on data mining in the United States

© AP Photo / Jae C. Nadovich oil in the United States. Archival photoOil is cheaper on data mining in the United States© AP Photo / Jae C. Hong

Oil prices on Thursday morning, poorly declining, after falling 3% yesterday on data on growth in US production, according to the auction.

As at 07.53 GMT the cost of the August futures for North sea petroleum mix of mark Brent has decreased on 0,09%, to 44,78 per barrel. The price of August futures for WTI crude oil decreased by 0.05% to 42.51 per barrel. In the course of trading environment, prices fell more than 3%.

According to the US Department of energy, oil production in the U.S. last week increased by 0.21%, or 20 thousand barrels per day, up to 9,350 million barrels per day. In addition, distillate stocks also increased with the figure of the previous week by 1.1 million barrels, or 0.7%, to 152.5 million barrels.

At the same time, on Wednesday, the US Department of energy also announced that commercial oil stocks in the country (excluding strategic reserves) for the week ended June 16 fell by 2.5 million barrels, or 0.5% to 509,1 million barrels. Analysts had expected inventories declined to a lesser extent, on 2,106 million barrels, or by 0.41% to 509,394 million barrels.

The oil reserves in the country’s largest terminal Cushing (Cushing) fell by 1.1 million barrels, accounting for 61,1 million barrels. Gasoline stocks in the USA decreased by 0.6 million barrels, or 0.2% to 241,9 million barrels.

The concerns of traders caused an increase in US production, the newspaper the Wall Street Journal. The lack of positive signals from the supply side in the United States in response to low oil prices provided support to the oil market, says market strategist at CMC Markets, Michael McCarthy (Michael McCarthy).

Oil is cheaper on data mining in the United States© RIA Novosti, Integratiebeleid in photomontaged forces in the world oil market